Nonferrous metals were higher for the most part in volatile trading on Tuesday morning as oil prices reversed earlier gains to move lower.

Operating rate across lead-acid battery producers in Jiangsu, Zhejiang, Jiangxi, Hubei and Hebei provinces averaged 63.67% in the week ended May 15, up 3.52 percentage points from the previous week, showed an SMM survey.

Nonferrous metals traded mixed on Friday morning as investors awaited the release of Chinese economic data.

SHFE base metals closed mixed on the last trading day of April, as investors assessed mixed Chinese economic data and positive developments on a potential new treatment for Covid-19.

China’s customs administration has released March import and export data for nonferrous metals products, which could provide some cues and a sneak peak into the impact from the COVID-19 pandemic and subsequent lockdown to businesses.

Operating rates across licensed smelters of secondary lead in Jiangsu, Anhui, Henan and Guizhou held steady at 49.6% in the week ended April 24, showed an SMM survey.

SHFE nonferrous metals, except for tin and nickel, traded lower on Monday, giving up the rebound from last Friday as investors remained cautious about the economic toll of the COVID-19 pandemic. 

London and Shanghai base metals cruised broadly higher in early morning trade on Friday, as a series of stimulus steps around the world, including a gigantic US package, calmed a panic over a global recession following the coronavirus outbreak.

SHFE nonferrous metals declined across the board on Monday, giving up gains from last Friday, as uncertainties around the economic impact of the fast-spreading coronavirus outbreak continued to depress investors’ sentiment.

London and Shanghai base metals traded lower across the board in early morning trade on Monday, extending declines from the prior week, as fears over the economic impact of the global coronavirus outbreak continue to weigh heavily on investor sentiment. The most active SHFE copper contract for May delivery plunged 8% to hit its “limit down” level at 35,300 yuan/mt shortly after the opening the bell.